Since time immemorial, the banking industry has been in existence all over the world providing financial services to people, these services include deposits, withdrawals, transfers, and credits. Billions of people globally are still suffering from access to these financial services most especially people from underdeveloped and developing countries. Even though the banking industry is up and doing, they still have limitations. Existing banking infrastructures are expensive and consequentially, banking conglomerates typically make their services inaccessible to the poorest population or those living in remote areas. This is a particular problem in emerging economies. Reasons, why billions of people suffer from financial services, are lack of identification, Perceptions that the underserved have little value, lack of financial literacy, the high cost of building financial infrastructures and lack of trust and technological understanding.
CREDIT
Credit is an important service offered by every financial institution to borrowers in order to generate income known as "interest". The borrowers are happy to receive credits to solve their problems and the lenders are grateful for the interest they generate. This service is typically not accessible to billions of people globally because of some restraints as mentioned above. Billions of people globally need credit at a particular point in their lives to meet up with their financial needs but lack of easy access to it in their own region or country is obvious to let alone global access and it has resulted to so many people remaining stagnant in their business or whatever they need credit for. The problem of access to credit is the high cost of capital, information asymmetry, and the high cost of banking infrastructure. it is such a pity that there is no existing platform to connect borrowers and lenders together in a secure, more effective and transparent manner without the presence of a third party, let's talk decentralization.
In light of these issues, to accomplish the fantasy of all-inclusive access to credit, a platform is needed and that is why some group of people with immense knowledge on financial services have come together as a team to solve these problems with global outreach as a top priority.
INTRODUCTION TO LIBRA CREDITS